Co-marketing record keeping requires that lenders keep records of all advertising for up to 6 years. The following information about co-marketing must be retained:
- How the cost will be split (50/50, 75/25, etc.)
- Where the piece will be distributed geographically (city, state is usually okay)
- When the piece will be distributed (month/s and year)
- How it will be distributed (online, direct mail, publication name, etc.)
- The contact information for the person who designed the advertisement/mail piece, in case there are questions or required changes.
What kind of record-keeping does RatePlug provide for co-marketing programs?
The Real Estate Settlement Procedures Act (RESPA) and the Consumer Financial Protection Act requires that costs associated with co-marketing must be split proportionally between the agent and lender. This means that if the lender has 25% of available space allocated to its branding and messaging, it can pay only 25% of the cost. The common belief is that all co-marketing can be split 50/50 across the board, but the reality is that each co-marketing party must pay its proportional share of costs, so designing your co-marketing piece accordingly will eliminate the need for changes later.
For these reasons, RatePlug keeps records for 10 years – far above the 6 years required for most regulatory compliance.
Is RatePlug Compliant?
RatePlug is the only MLS integrated technology compliant co-marketing platform that connects agents, home buyers, and loan originators. With RatePlug’s co-marketing platform, lenders can help their best agents with co-marketing programs and closings, showcasing their rates on their open house flyers directly on the MLS—and in doing so, remain fully compliant. RatePlug even includes a property flyer system for even more agent support.
RatePlug stores all mortgage-related communications for 10 years past the date that the communication was made available to the consumer, above the minimum regulatory requirement.
RatePlug’s co-marketing technology continues to grow its market footprint across the Country, supporting over 700,000 agents in over 60 of the largest MLS organizations. Our list of participating banks, credit unions and lending companies now exceeds 800 entities. Each of these lending companies has evaluated and approved the RatePlug Program as compliant.
You may also find these co-marketing resources useful